THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. (RNY)

THE BLACKROCK INCOME OPPORTUNITY TRUST INC. (BNA)

THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. (BMT)

THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST (BPS)

THE BLACKROCK STRATEGIC MUNICIPAL TRUST (BSD)

BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF)

BLACKROCK MUNICIPAL INCOME TRUST (BFK)

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ)

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ)

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY)

BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST (BJZ)

BLACKROCK MUNICIPAL 2018 TERM TRUST (BPK )

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST (BLH)

BLACKROCK CORE BOND TRUST (BHK)

BLACKROCK STRATEGIC BOND TRUST (BHD)

BLACKROCK MUNICIPAL BOND TRUST (BBK)

BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST (BZA)

BLACKROCK FLORIDA MUNICIPAL BOND TRUST (BIE)

BLACKROCK MARYLAND MUNICIPAL BOND TRUST (BZM)

BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST (BLJ)

BLACKROCK NEW YORK MUNICIPAL BOND TRUST (BQH)

BLACKROCK VIRGINIA MUNICIPAL BOND TRUST (BHV)

BLACKROCK MUNICIPAL INCOME TRUST II (BLE)

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II (BCL)

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II (BFY)

BLACKROCK INSURED MUNICIPAL INCOME TRUST (BYM)

BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST (BCK)

BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST (BAF)

BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST (BSE)

BLACKROCK PREFERRED OPPORTUNITY TRUST (BPP)

BLACKROCK LIMITED DURATION INCOME TRUST (BLW)

BLACKROCK MUNICIPAL 2020 TERM TRUST (BKK)

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST (BFO)

BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST (BDV)

BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST (BDT)

BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST (BQY)

BLACKROCK GLOBAL FLOATING RATE INCOME TRUST (BGT)

BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST (BGR)

BLACKROCK HEALTH SCIENCES TRUST (BME)

BLACKROCK HIGH INCOME SHARES (HIS)

BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST (BOE)

BLACKROCK ENHANCED DIVIDEND ACHIEVERS (TM) TRUST (BDJ)

BLACKROCK WORLD INVESTMENT TRUST (BWC)

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST (BTA)

--------------------------------------------------------------------------------
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Notice
is hereby given to the Stockholders/Shareholders of each of the BlackRock
Closed-End Funds listed on Appendix A to the Proxy Statement accompanying this
notice (collectively, the Trusts) that:

The
Joint Annual Meeting of Stockholders/Shareholders of the Trusts (the Annual
Meeting) will be held at the New York East Side Marriott, 525 Lexington
Avenue, New York, New York, on Tuesday, May 23, 2006, at 10:00 a.m. (New York
City time). For the sake of convenience and clarity, individual Trusts are
identified throughout this notice and the attached Proxy Statement by their
trading symbols. A list of the Trusts setting forth each Trusts full name and
trading symbol is attached to the Proxy Statement accompanying this notice as
Appendix A. The Annual Meeting is being held for the following purposes:

1.

For
shareholders of all Trusts, to elect nominees for the Board of Directors of
each Trust in which they own shares.

2.

For each of
the following Trusts, to amend its respective Declaration of Trust to expand
the authority of the executive committee of the Board of Directors:

BHY

BPS

BSD

3.

For each of
the following Trusts, to amend its respective Certificate of Designation or
Statement of Preferences, as appropriate, to revise the language regarding
preferred shares to allow the Trusts to follow the most recent guidelines of
Standard & Poors (S&P), Moodys Investors Service, Inc.
(Moodys) and/or Fitch Ratings (Fitch), as appropriate, for credit rating
criteria in effect from time to time to maintain a AAA rating on preferred
shares:

RAA

BFC

BMT

RFA

BRM

RNJ

BLN

RNY

BSD

BKN

BRF

4.

To transact
such other business as may properly come before the Annual Meeting or any
adjournments or postponements thereof.

We
encourage you to contact BlackRock toll free at (800) 882-0052 from 9:00 a.m.
to 6:00 p.m. EST if you have any questions.

The
Board of each Trust has fixed the close of business on February 28, 2006 as the
record date for the determination of Stockholders/Shareholders entitled to
notice of, and to vote at, the Annual Meeting. We urge you to mark, sign, date,
and mail the enclosed proxy in the postage-paid envelope provided or record
your voting instructions via telephone or the internet (for those Trusts that
permit voting by telephone or internet) so you will be represented at the
Annual Meeting.

By order of
the

Board of each
Trust

Vincent B.
Tritto, Secretary of each Trust

New York, New
York
April 19, 2006

IT IS
IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN PERSON OR BY
PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE BY TELEPHONE,
INTERNET OR MAIL. (NOT EVERY TRUST PERMITS VOTING BY INTERNET AND TELEPHONE.
PLEASE CHECK YOUR PROXY CARD.) IF VOTING BY MAIL PLEASE SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. IF YOU
ATTEND THE ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU WILL BE ABLE TO DO SO
AND YOUR VOTE AT THE ANNUAL MEETING WILL REVOKE ANY PROXY YOU MAY HAVE
SUBMITTED. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW
SHARES YOU OWN, PLEASE SEND IN YOUR PROXY CARD TODAY.

This
document will give you the information you need to vote on the matters listed
on the accompanying Notice of Joint Annual Meeting of Stockholders/Shareholders
(Notice of Annual Meeting). Much of the information in this joint proxy
statement (Proxy Statement) is required under rules of the Securities and
Exchange Commission (SEC); some of it is technical. If there is anything you
dont understand, please contact us at our toll-free number, (800) 882-0052.

This
Proxy Statement is furnished in connection with the solicitation by the
respective Board of Directors or Trustees, as the case may be (the Board), of
each of the Trusts (as defined in the Notice of Annual Meeting) of proxies to
be voted at the Joint Annual Meeting of Stockholders/Shareholders of the Trusts
to be held on Tuesday, May 23, 2006, and any adjournment or postponement
thereof (the Annual Meeting). The Annual Meeting will be held at the New York
East Side Marriott, 525 Lexington Avenue, New York, New York, on May 23, 2006,
at 10:00 a.m. (New York City time). As used in the Notice of Annual Meeting and
as used herein, the term Board of Directors shall include Board of Trustees,
Directors shall include Trustees, the term shareholders shall include
stockholders and the term share shall include stock where the use of the
terms Board of Trustees or Trustees or stockholders or stock would
otherwise be appropriate. This Proxy Statement, the Notice of Annual Meeting
and the enclosed proxy card are first being sent to the Trusts shareholders on
or about April 19, 2006.

In
the first proposal (the First Proposal or Proposal 1), shareholders of all
Trusts are being asked to elect nominees for the Board of Directors of each
Trust in which they own shares.

In
the second proposal (the Second Proposal or Proposal 2), shareholders of
the following Trusts are being asked to approve an amendment to the Declaration
of Trust of each such Trust to allow the Trustees to expand the authority of
the executive committee of the Board of Directors:

BHY

BPS

BSD

In
the third proposal (the Third Proposal or Proposal 3), shareholders of the
following Trusts are being asked to approve an amendment to the Certificate of
Designation or Statement of Preferences, as appropriate, to revise the language
regarding preferred shares to allow the Trusts to follow the most recent
guidelines of Standard & Poors (S&P), Moodys Investors Service,
Inc. (Moodys) and/or Fitch Ratings (Fitch), as appropriate, for credit
rating criteria in effect from time to time to maintain a AAA rating on
preferred shares:

RAA

BFC

BMT

RFA

BRM

RNJ

BLN

RNY

BSD

BKN

BRF

Summary:

PROPOSALS

TRUST

#1 To elect
Directors

All Trusts

#2 To amend the
Trusts Declaration of Trust

BHY

BPS

BSD

#3 To amend the
Trusts Certificate of Designation or Statement of Preferences, as
appropriate

RAA

BFC

BMT

RFA

BRM

RNJ

BLN

RNY

BSD

BKN

BRF

*

WILL MY VOTE
MAKE A DIFFERENCE?

YES!
Your vote is important and will make a difference in the governance of the
Trust(s), no matter how many shares you own.

*

WHO IS
ASKING FOR YOUR VOTE?

The
enclosed proxy is solicited by the Board of each Trust for use at the Annual
Meeting to be held on Tuesday, May 23, 2006, and, if the Annual Meeting is
adjourned or postponed, at any later meetings, for the purposes stated in the
Notice of Annual Meeting (see previous pages). The Notice of Annual Meeting,
the proxy and this Proxy Statement are being mailed on or about April 19, 2006.

*

HOW DO THE
TRUSTS BOARDS RECOMMEND THAT SHAREHOLDERS VOTE ON THE PROPOSALS?

Each
Board unanimously recommends that you vote FOR each respective Proposal on
which you are entitled to vote.

*

WHO IS
ELIGIBLE TO VOTE?

Shareholders
of record of each Trust at the close of business on February 28, 2006 are
entitled to be present and to vote at the Annual Meeting or any adjourned or
postponed meeting.

Each
share is entitled to one vote. Shares represented by duly executed proxies will
be voted in accordance with your instructions. If you sign the proxy, but dont
fill in a vote, your shares will be voted in accordance with your Boards
recommendation. If any other business is brought before your Trusts Annual
Meeting, your shares will be voted at your Boards discretion.

*

HOW MANY
SHARES OF EACH TRUST WERE OUTSTANDING AS OF THE RECORD DATE?

Appendix
B sets forth the number of outstanding shares for each Trust at the close of
business on February 28, 2006.

*

WHAT IS A QUORUM FOR PURPOSES OF THE PROPOSALS BEING VOTED ON AT THE MEETING?

The holders of a majority of outstanding common shares and preferred shares,
taken together, present at the Annual Meeting in person or by proxy will constitute a quorum for (i) for the election of directors, other than Kathleen F. Feldstein and Frank J. Fabozzi, and (ii) Proposal 2.

The holders of a majority of outstanding preferred shares present at the Annual
Meeting in person or by proxy will constitute a quorum for (i) the election of
Kathleen F. Feldstein and Frank J. Fabozzi as directors elected by the owners of
preferred shares, and (ii) Proposal 3.

*

WHY DOES
THIS PROXY STATEMENT LIST SEVERAL CLOSED-END FUNDS?

The
Trusts have similar proposals and it is cost-efficient to have a joint proxy
statement and one annual meeting. In the event that any shareholder present at
the Annual Meeting objects to the holding of a joint meeting and moves for an
adjournment of his or her Trusts meeting to a time immediately after the
Annual Meeting so that such Trusts meeting may be held separately, the persons
named as proxies will vote in favor of such adjournment. Shareholders of each
Trust will vote separately on the respective Proposals relating to their Trust.
In any event, an unfavorable vote on any Proposal by the shareholders of one
Trust will not affect the implementation of such Proposal by another Trust if
the Proposal is approved by the shareholders of that Trust.

2

The Proposals

* FIRST
PROPOSAL: TO ELECT DIRECTORS

WHO
ARE THE NOMINEES FOR DIRECTORS?

The
Directors of the Trusts are classified into three classes of Directors: Class
I, Class II and Class III. Each class has a term of three years. The term of
office of one class of Directors is expiring for each Trust and the Directors
of the respective Trust whose terms are expiring are being nominated for
election at the Annual Meeting.

Some
of the Trusts have issued preferred shares. As required by the 1940 Act, owners
of preferred shares, voting as a separate class, are entitled to elect two
directors. Historically, Messrs. Cavanagh and Fabozzi have been the directors
elected by the owners of preferred shares. The Governance Committee has
recommended that Mr. Cavanagh resign from the role of preferred share director
because it is anticipated that he will become the lead independent director
when Dr. Brimmer retires and the committee believes it is more appropriate for
the lead independent director to be elected by all of the shareholders. The
Governance Committee has nominated Kathleen F. Feldstein to replace Mr.
Cavanagh as the second director elected by owners of preferred shares.
Accordingly, the Boards of those Trusts issuing preferred shares here nominated
Kathleen F. Feldstein and Frank J. Fabozzi to be elected by the owners of
preferred shares.

Mr.
Cavanagh, a Class I Director, and Ms. Feldstein, a Class II Director, will each
stand for election to the Board of each Trust schedule to vote for their
respective class at the Annual Meeting. In addition, Mr. Cavanagh will stand
for election to Board of each other Trust that has preferred shares
outstanding, because the common shareholders of those Trusts previously have
not had the opportunity to vote for him. Similarly, Ms. Feldstein will stand
for election to the Board of each other Trust that has preferred shares
outstanding, because the preferred shareholders of those Trusts, voting as a separate
class, previously have not had the opportunity to vote for her as a preferred
share Director.

The
following table sets forth the class and nominees to be voted on by each Trust.
Each nominees background is described in further detail below. Unless
indicated by an asterisk, each Director will be voted on by holders of common
shares and preferred shares voting together as a single class and the holders
of any preferred shares will have equal voting rights with the holders of common
shares (i.e., one vote per share).

TRUST

DIRECTORS
STANDING FOR ELECTION

Class I Directors

Class II Directors

Class III Directors

BPK

BFZ

BJZ

BGT

Richard
E. Cavanagh

Frank
J. Fabozzi*
Kathleen F. Feldstein*
Ralph L. Schlosstein

__

BBF

BNJ

BLH

BFK

BNY

BMT

BDT

BQY

BHK

BME

__

Frank
J. Fabozzi
Kathleen F. Feldstein
Ralph L. Schlosstein

__

BOE

BDJ

BHD

HIS

BKT

BNA

BWC

BGR

BMN

BTA

BPS

BPP

BFO

RNJ

Richard
E. Cavanagh

Kathleen
F. Feldstein*

Andrew
F. Brimmer
Kent Dixon
Robert S. Kapito

BSD

BKK

RNY

RAA

RFA

BLW

BDV

BCT

__

__

Andrew
F. Brimmer
Kent Dixon
Robert S. Kapito

BBK

BKN

BLE

BYM

Richard
E. Cavanagh
R. Glenn Hubbard

Kathleen
F. Feldstein*

__

BQH

BRF

BCL

BLJ

BZA

BHV

BRM

BSE

BZM

BIE

BFY

BFC

BCK

BAF

BLN

BHY

Richard
E. Cavanagh
R. Glenn Hubbard

__

__

* Voted on by preferred shareholders
only.

3

Each
Director elected will hold office for three years or until their respective
class stands for re-election, whichever is shorter, and until their successors
shall have been elected and qualified. The other Directors of the Trusts will
continue to serve under their current terms. The other classes will be elected
at subsequent annual meetings of shareholders.

BCT
holds substantially all of its assets in its wholly owned subsidiary, BCT
Subsidiary Inc. (BCTS). The Board of the wholly owned subsidiary is identical
to the Board of its parent company. Accordingly, nominees elected as Directors
of BCT will be appointed by BCT to serve as Directors of BCTS which has
investment objectives and policies identical to BCT.

Mr.
James Clayburn La Force, Jr. and Mr. Walter F. Mondale retired from the Board of Directors on
February 23, 2006.

Certain
information concerning the nominees for each of the Trusts is set forth in the
table below. All of the nominees are currently Directors of each of the Trusts,
including BCTS, and have served in such capacity since each of the Trusts
commenced their respective operations, except for the following exceptions:



Mr. Richard
E. Cavanagh has served as Director since his appointment by the Boards of
BKN, BRM, BFC, BRF, BLN, BCT, BKT, BMN, RAA, RFA, RNJ, RNY, BNA and BMT on
August 11, 1994 to fill a vacancy;



Mr. Robert
S. Kapito was appointed by the Boards on August 22, 2002 to fill a vacancy
for each of the Trusts in existence on such date;



Mr. R. Glenn
Hubbard was appointed to the Board of each Trust November 23, 2004 for each
of the Trusts in existence on such date; and



Ms. Kathleen
F. Feldstein was appointed as a board member to BKT, BNA, BMN, BMT, BGR, RNY,
RNJ, RFA, RAA, BSD, BPS, BCT, BKN, BRM, BFC, BRF, BLN and BHY and an Advisory
Board member to the other Trusts then in existence as of January 19, 2005.
She was elected as a Director to such other Trusts at the annual meeting of
shareholders on May 26, 2005.

As
of February 28, 2006, each Director holds his/her position as to each of the 56
active closed-end funds advised by BlackRock Advisors, Inc. (the Fund
Complex). As of February 28, 2006, the Fund Complex consisted of 56 active
closed-end funds, each with one investment portfolio. Certain information
concerning the nominees for each of the Trusts is set forth in the table below.
Except as indicated, each individual has held the office shown or other offices
in the same company for the last five years. The interested Directors (as defined in Section 2(a)(19)
of the 40 Act) are indicated by an (*). Independent directors are those
who are not interested persons of the Trusts or BlackRock Advisors, Inc. for
purposes of the Investment Company Act of 1940 and comply with the definition
of independent (as defined in Rule 10A-3 under the Securities Exchange Act of
1934) (the Independent Directors). Unless specified otherwise below, the
business address of the Directors and officers of each of the Trusts is 40 East
52nd Street, New York, New York 10022, and the address of BlackRock Advisors,
Inc. (the Advisor) is 100 Bellevue Parkway, Wilmington, Delaware 19809.

NAME, ADDRESS AND AGE

PRINCIPAL OCCUPATION(S) DURING
PAST 5 YEARS

OTHER DIRECTORSHIPS HELD BY DIRECTOR OR NOMINEE FOR
DIRECTOR

INTERESTED
DIRECTORS:

Ralph
L. Schlosstein*
Age 55
Class II

Director since 1999 and
President of BlackRock, Inc. since its formation in 1998 and of BlackRock,
Inc.s predecessor entities since 1988. Member of the Management Committee
and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director
of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions
Group. Chairman and President of the BlackRock Liquidity Funds and Director
of several of BlackRocks alternative investment vehicles. Chairman of the
Board of Anthracite Capital, Inc. since September 2005.

Member of the Visiting
Board of Overseers of the John F. Kennedy School of Government at Harvard
University, a member of the board of the Financial Institutions Center of The
Wharton School of the University of Pennsylvania, a trustee of the American
Museum of Natural History, a trustee of Trinity School in New York City, a
member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions
for Public Education, the Public Theater in New York City and the James Beard
Foundation. Formerly, a director of Pulte Corporation, the nations largest
homebuilder, a Trustee of Denison University and a member of Fannie Maes
Advisory Council.

4

Robert
S. Kapito*
Age: 49Class III

Vice Chairman of BlackRock,
Inc. Head of the Portfolio Management Group. Also a member of the Management
Committee, the Investment Strategy Group, the Fixed Income and Global
Operating Committees and the Equity Investment Strategy Group of BlackRock,
Inc. Responsible for the portfolio management of the Fixed Income, Domestic
Equity and International Equity, Liquidity, and Alternative Investment Groups
of BlackRock.

Chairman of the Hope and
Heroes Childrens Cancer Fund. President of the Board of Directors of the
Periwinkle National Theatre for Young Audiences.

INDEPENDENT
DIRECTORS:

Andrew
F. Brimmer
P.O. Box 4546
New York, NY 10163
Age: 79Class III

President of Brimmer &
Company, Inc., a Washington D.C.-based economic and financial consulting
firm, also Wilmer D. Barrett Professor of Economics, University of
Massachusetts - Amherst. Formerly member of the Board of Governors of the
Federal Reserve System. Formerly Chairman, District of Columbia Financial
Control Board.

President and Chief
Executive Officer of The Conference Board, Inc., a leading global business
research organization, from 1995-present. Former Executive Dean of the John
F. Kennedy School of Government at Harvard University from 1988-1995. Acting
Director, Harvard Center for Business and Government (1991-1993). Formerly
Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former
Executive Director of Federal Cash Management, White House Office of
Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best
selling management book published in 13 national editions).

Trustee of Aircraft Finance
Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch
Chemicals, Fremont Group and The Guardian Life Insurance Company of America.

Kent
Dixon
P.O. Box 4546
New York, NY 10163
Age: 68
Class III

Consultant/Investor. Former
President and Chief Executive Officer of Empire Federal Savings Bank of
America and Banc PLUS Savings Association, former Chairman of the Board,
President and Chief Executive Officer of Northeast Savings.

Former Director of ISFA
(the owner of INVEST, a national securities brokerage service designed for
banks and thrift institutions).

Frank
J. Fabozzi
P.O. Box 4546
New York, NY 10163
Age: 57
Class II

Consultant. Editor of THE
JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton
Fellow at the School of Management at Yale University. Author and editor of
several books on fixed income portfolio management. Visiting Professor of
Finance and Accounting at the Sloan School of Management, Massachusetts
Institute of Technology from 1986 to August 1992.

Director of
BellSouth Inc., Ionics, Inc. and Knight Ridder, Inc.; Trustee of the Museum
of Fine Arts, Boston, and of the Committee for Economic Development and
member of Partners HealthCare and Sherrill House Inc.; Member of the Visiting
Committee of the Harvard University Art Museums and of the Advisory Board to
the International School of Business at Brandeis University.

R. Glenn Hubbard
P.O. Box 4546
New York, NY 10163
Age: 47
Class I

Dean of
Columbia Business School since July 1, 2004. Columbia faculty member since
1988. Co-director of Columbia Business Schools Entrepreneurship Program
1994-1997. Visiting Professor at the John F. Kennedy School of Government at
Harvard University and the Harvard Business School, as well as the University
of Chicago. Visiting scholar at the American Enterprise Institute in Washington
and member of International Advisory Board of the MBA Program of Ben-Gurion
University. Deputy assistant secretary of the U.S. Treasury Department for
Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under
the President of the United States 2001-2003.

Director of
ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood
Holdings. Advisory boards of the Congressional Budget Office, the Council on
Competitiveness, the American Council on Capital Formation, the Tax Foundation
and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue
Presbyterian Church of New York.

Yes.
The Trusts Directors have determined that the efficient conduct of the Trusts
affairs makes it desirable to delegate responsibility for certain specific
matters to committees of the Boards. The committees meet as often as necessary,
either in conjunction with regular meetings of the Directors or otherwise. The
Board has created a Governance Committee comprised of all of the Independent
Directors. The Governance Committee appoints the members and chairperson of the
Compliance Committee, Portfolio Review Committees and the chairperson of the
Governance Committee. The Board appoints the members and chairperson of the
Audit Committee.

Each
of the Trusts has a Governance Committee, which also performs the functions
normally performed by a nominating committee. The 1940 Act requires that the
Trusts have a minimum proportion of directors who are not affiliated in any way
with the investment manager, principal underwriter or any broker-dealer of the
Trusts. These Independent Directors must vote separately to approve all
financial arrangements and other agreements with the Trusts investment manager
and other affiliated parties. Each Trusts Independent Directors meet regularly
(at least quarterly) as a group in executive session as the Governance
Committee. As part of its duties, the Governance Committee makes
recommendations to the full Board of each Trust with respect to candidates for
the Board and with respect to the compensation of Directors. The Governance
Committee will consider director candidates recommended by shareholders. In
considering candidates submitted by shareholders, the Governance Committee will
take into consideration the needs of the Board and the qualifications of the
candidate. The Governance Committee may also take into consideration the number
of shares held by the recommending shareholder and the length of time that such
shares have been held. To have a candidate considered by the Governance
Committee, a shareholder must submit the recommendation in writing and must
include:



The name of
the shareholder and evidence of the persons ownership of shares of the
applicable Trust(s), including the number of shares owned and the length of
time of ownership; and



The name of
the candidate, the candidates resume or a listing of his or her
qualifications to be a Director of the Trust(s) and the persons consent to
be named as a Director if selected by the Governance Committee and nominated
by the Board.

The
shareholder recommendation and information described above must be sent to the
Corporate Secretary, c/o BlackRock, P.O. Box 4546, New York, New York 10163,
and must be received by the Corporate Secretary not less than 120 days

6

prior to the
anniversary date of the Trusts most recent annual meeting of shareholders
(which deadline will be no later than January 23, 2007, for next years Annual
Meeting). The Governance Committee believes that the minimum qualifications for
serving as a Director of the Trust(s) are that a candidate demonstrate, by
significant accomplishment in his or her field, an ability to make a meaningful
contribution to the Boards oversight of the business and affairs of the
Trust(s) and have an impeccable record and reputation for honest and ethical
conduct in both his or her professional and personal activities. In addition,
the Governance Committee examines a candidates specific experiences and
skills, time availability in light of other commitments, potential conflicts of
interest and independence from management and the Trust(s). The Governance
Committee also seeks to have the Board represent a diversity of backgrounds and
experience.

The
Joint Governance Committee Charter of the Trusts is available at BlackRock,
Inc.s (BlackRock s) website at http://www.blackrock.com/indiv/products/closedendfunds/corpgov.html.

Each
of the Trusts has an Audit Committee, composed of four of the Independent
Directors, which is charged with selecting a firm of independent registered
public accountants for its respective Trust and reviewing accounting matters
with the accountants.

The
Audit Committee of each Trust presents the following report:

The
Audit Committee of each Trust has performed the following functions: (i) the
Audit Committee reviewed and discussed the audited financial statements of each
Trust with management of each respective Trust, (ii) the Audit Committee
discussed with the independent registered public accounting firm the matters
required to be discussed by the Statement on Auditing Standards No. 61, (iii)
the Audit Committee received the written disclosures and the letter from the
independent registered public accounting firm required by ISB Standard No. 1
and has discussed with the independent registered public accounting firm their
independence and (iv) the Audit Committee recommended to the Board of Directors
of each Trust that the financial statements be included in each Trusts Annual
Report for the past fiscal year.

The
members of the Audit Committee of each Trust are Messrs. Brimmer (Chairman of
the Audit Committee), Cavanagh, Dixon and Fabozzi, all of whom are Independent
Directors. The Board of each Trust has determined that each Trust has three
audit committee financial experts serving on its Audit Committee, Dr. Brimmer,
Mr. Dixon and Mr. Fabozzi, all of whom are independent for the purpose of the
definition of audit committee financial expert as applicable to the Trusts. The
Audit Committee is governed by a written charter, which was revised on May 26, 2005
and re-approved in February 2006 and is attached hereto as Appendix C.

In
an effort to continue to improve the Boards oversight and governance of the
Trusts, the Governance Committee created two portfolio review committees (the
Portfolio Review Committees). The purposes of each Portfolio Review Committee
are as follows: (1) to support the Independent Directors in acting
independently of BlackRock in pursuing the best interests of the Trusts and
their shareholders, (2) to review the investment objectives, policies and
practices of each Trust under its oversight, (3) to review with respect to each
Trust under its oversight: (a) whether such Trust has complied with its
investment policies and restrictions as reflected in its prospectus and
Statement of Additional Information, (b) appropriate benchmarks and competitive
universes, (c) investment performance, (d) unusual or exceptional investment
matters and (e) other matter bearing on such Trusts investment results.

Each
Trusts Portfolio Review Committee was formed in November of 2005. The Taxable
and Municipal Trusts Portfolio Review Committee is chaired by Richard E.
Cavanagh, and Frank J. Fabozzi, Kathleen F. Feldstein, and Ralph L. Schlosstein
are members. The Equity and High Yield Trusts Portfolio Review Committee is
chaired by Kent Dixon, and R. Glenn Hubbard, and Robert S. Kapito are members.
Andrew F. Brimmer is an ex officio member of each Portfolio Review Committee.

The
Portfolio Review Committees may meet as a whole or separately and concurrently
with each other. Portfolio reviews of particular Trusts will be allocated among
the Portfolio Review Committees as determined by the Governance Committee in
consultation with BlackRock.

Each
Trust has a Compliance Committee that was formed in November of 2005. All
members of the Compliance Committee are Independent Directors. The members and
the chair of the Compliance Committee are determined annually by the Governance
Committee. Dr. Andrew F. Brimmer is the chair of the Compliance Committee for
each of the Trusts. Richard E. Cavanagh, Kathleen F. Feldstein and
R. Glenn Hubbard, are members of the Compliance Committee.

The
purposes of the Compliance Committee are to (1) support the Independent
Directors in acting independently of the Adviser in pursuing the best interests
of the Trusts and their shareholders, (2) receive information on and, where
appropriate recommend policies concerning the Trusts compliance with applicable
law, and (3) receive reports from and make recommendations in respect of the
Trusts Chief Compliance Officer.

Each
Trust has an Executive Committee composed of Messrs. Schlosstein and Kapito,
which acts on behalf of the full Board on certain matters in the interval
between meetings of the Board.

*

DO THE
TRUSTS HAVE A POLICY WITH RESPECT TO THE ATTENDANCE OF DIRECTORS AT THE
ANNUAL MEETING?

It
is the Trusts policy to encourage Directors to attend the Annual Meeting. At
the Annual Meeting on May 26, 2005, all of the Trusts Directors serving at
that time were present.

*

HOW CAN THE
TRUSTS SHAREHOLDERS SEND COMMUNICATIONS TO THE DIRECTORS?

Shareholders
and other interested parties may contact the Boards or any member of the Boards
by mail or electronically. To communicate with the Boards or any member of the
Boards, correspondence should be addressed to the Board or the Board members
with whom you wish to communicate by either name or title. All such
correspondence should be sent c/o Secretary of the applicable Trust or Trusts
at P.O. Box 4546, New York, New York 10163. Shareholders may communicate with
the Boards electronically by sending an email to
closedendfundsbod@blackrock.com.

*

HOW MANY
SHARES OF THE TRUSTS DO THE DIRECTORS OWN?

The
chart attached hereto as Appendix D lists the number of shares beneficially
owned by the Directors and the number of share equivalents owned by the
Directors pursuant to the Directors deferred compensation plan.

8

*

HOW OFTEN DO
THE DIRECTORS MEET?

During
each Trusts last full fiscal year, each Director attended at least 75% of the
aggregate of: (i) all regular meetings of the Board of each Trust (held during
the period for which the Director served on the Board); and (ii) all meetings
of all committees of the Board of each Trust on which the Director served
(during the periods that the Director served). The number of meetings held are
set forth below.

Annual
meeting information and Directors attendance for BGR, BOE, BDJ, BME, BWC and
BTA have not been provided because such Trusts have not been in operation for a
full fiscal year. HIS joined the BlackRock Closed-End Fund complex on March 1,
2005. Annual meeting information and Directors attendance for HIS is not
included because HIS did not operate for one full fiscal year as part of the
BlackRock Closed-End Fund complex.

*

WHAT ARE THE
DIRECTORS PAID FOR THEIR SERVICES?

The
following table sets forth certain information regarding the compensation of
the Trusts Independent Directors (the Trusts interested Directors do not
receive a salary from the Trusts).

NAME OF DIRECTOR

TOTAL COMPENSATION FROM THE FUND
COMPLEX PAID TO DIRECTORS(1)

Andrew F.
Brimmer

$290,000
(2)(3)(4)

Richard E.
Cavanagh

$210,000
(2)(4)

Kent Dixon

$210,000
(2)(4)

Frank J.
Fabozzi

$210,000
(2)(4)

Kathleen F.
Feldstein

$190,000 (2)

R. Glenn
Hubbard

$190,000 (2)

(1)

Represents
the total compensation earned by such persons during the calendar year ended
December 31, 2005, from the fund complex.

Dr. Brimmer
serves as lead independent director for each Board in the Fund Complex. For
his services as lead independent director, Dr. Brimmer was compensated in the
amount of $50,000 per annum by the Fund Complex allocated among the

9

Trusts in
the Fund Complex based on each Trusts relative net assets. Dr. Brimmer
received an additional $30,000 per annum from the Fund Complex for his
service as the Audit Committee Chairman of the Fund Complex.

(4)

Messrs.
Brimmer, Cavanagh, Dixon and Fabozzi serve on the Audit Committee of the Fund
Complex and for their service received an additional $20,000 per annum,
allocated among the Trusts in the Fund Complex based on their relative net
assets.

During
the last fiscal year, each Independent Director received an annual fee
calculated as follows: (i) $6,000 from each Trust in the Fund Complex and (ii)
$1,000 for each meeting of each Board in the Fund Complex attended by such
Independent Director. The total annual aggregate compensation for each
Independent Director was capped at $190,000 per annum, except that Dr. Brimmer
received an additional $50,000 per annum from the Fund Complex for acting as
the lead independent director for each Board in the Fund Complex and an
additional $30,000 per annum from the Fund Complex for acting as the Audit
Committee Chairman of the Fund Complex and Messrs. Brimmer, Cavanagh, Dixon and
Fabozzi received an additional $20,000 per annum, from the Fund Complex for
their service on the Audit Committee of the Fund Complex. This additional
compensation to Messrs. Brimmer, Cavanagh, Dixon and Fabozzi was allocated
among the Trusts in the Fund Complex based on their relative net assets. In the
event that the $190,000 cap was met with respect to an Independent Director,
the amount of the Independent Directors fee borne by each Trust in the Fund
Complex was reduced by reference to the net assets of the Trust relative to the
other Trusts in the Fund Complex. In addition, the attendance fees of each
Independent Director of the Trusts were reduced proportionately, based on each
respective Trusts net assets, so that the aggregate per meeting fee for all
meetings of the Boards of the Trusts (excluding the per annum Audit Committee
fee) held on a single day did not exceed $15,834 for any Independent Director.

The
following Directors fees were accrued by the following Trusts during their
last fiscal year from January 1, 2005 to December 31, 2005. These amounts
include fees accrued by Messrs. La Force and Mondale, who were members of the
Board in 2005 and retired on February 23, 2006.

BRM

$73,000

BGT

$56,700

BLH

$12,800

BLN

$27,700

BPS

$12,400

BPP

$54,500

BFC

$25,900

BSD

$15,300

BKK

$40,200

BRF

$20,800

BMT

$39,700

HIS

$27,000

BFO

$13,100

BJZ

$13,500

BTA(1)



BMN

$67,700

BPK

$33,200

(1)

BTA was not
yet formed during this time period.

The
following Directors fees were accrued by the following Trusts during their
last fiscal year from November 1, 2004 to October 31, 2005:

BHY

$12,500

RNY

$12,200

BHK

$58,000

BCT

$12,700

BKN

$36,600

BHD

$13,900

RAA

$12,200

BNA

$59,600

BFK

$79,600

RFA

$12,200

BBF

$14,200

BNJ

$15,700

BFZ

$30,700

BNY

$26,600

BLW

$79,900

RNJ

$12,200

BKT

$58,100

BDV

$88,300

BDT

$57,800

BQY

$15,000

BDJ(1)

$23,500

BGR(1)

$75,600

BOE(1)

$13,100

BME(1)

$14,100

BWC(1)

$ 1,000

(1)

BGR, BOE, BDJ, BME and BWC
accruals do not represent a full fiscal year because these Trusts were formed
during the fiscal period.

The
following Directors fees were accrued by the following Trusts during their
last fiscal year from September 1, 2004 to August 31, 2005:

BBK

$21,200

BHV

$12,400

BYM

$54,400

BZA

$12,800

BLE

$45,300

BCK

$13,100

10

BIE

$12,800

BCL

$16,100

BAF

$18,300

BZM

$12,400

BLJ

$12,400

BSE

$13,500

BQH

$12,800

BFY

$13,100

None
of the Directors received any pension or retirement benefits. Under the deferred
compensation plan (the Plan) approved by each Trusts Board, Independent
Directors may elect to defer receipt of all or a portion of their annual
compensation. As of January 1, 2003, the Board elected to require its
Independent Directors to defer a portion of their annual compensation pursuant
to the Plan. Deferred amounts earn an approximate return as though equivalent
dollar amounts had been invested in common shares of certain BlackRock
closed-end Trusts selected by the Directors. This has approximately the same
economic effect for the Directors as if the Directors had invested the deferred
amounts in such Trusts. The Plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of the Trust.
Each Trust may, however, elect to invest in common shares of those Trusts
selected by the Directors in order to match its deferred compensation
obligations.

The
Independent Directors deferred at least $30,000 of their $190,000 base fee
pursuant to the Plan. Also, members of the Audit Committee of the Fund Complex
deferred all of the $20,000 per annum fee they received for their services on
the Audit Committee pursuant to the Plan.

None
of the officers of the Trusts received any compensation, including pension or
retirement benefits, from the Trusts for such period. Messrs. Schlosstein,
Kapito, Gabbay, Klingert, Kong, Gary, Tritto, Battista, Kindelan and Ms.
Ackerley, officers of the Trusts, are also affiliated with the Advisor or its
affiliates, as such, they receive compensation from the Advisor or one of its
affiliates. Under the terms of the investment advisory agreements a
portion of Mr. Battistas compensation was reimbursed by the Trusts to
the extent of his working time as chief compliance officer of the Trusts.

The
Directors have adopted a new compensation structure for 2006. Under the new
compensation structure, the Trusts anticipate that each Director will be
compensated as follows:

New Fee

Annual Board Retainer Fee (continue mandatory deferral of
$30,000)

$190,000

Anuual Board Meeting Fee (6 meetings including 2 telephonic)

0

Sub Total Annual Board Retainer and Meeting Fees

190,000

Annual Audit Committee Meeting Fee (6 meetings including 4
telephonic, which may or may not occur in conjunction with regularly
scheduled board meetings) (continue mandatory deferral of $20,000)

30,000

Annual Audit Committee Chair Fee

30,000

Annual Lead Director Fee

60,000

Each Board/Audit Committee Meeting Fee in excess of the 6 scheduled
meetings (either in-person or telephonic, including organizational meetings
for new funds other than meetings held in conjunction with regularly
scheduled meetings)

3,000

*

HOW LARGE A
STAKE DO THE DIRECTORS HAVE IN THE TRUSTS?

The
Directors believe each Director should have a beneficial investment in the
BlackRock closed-end Trusts. The Directors allocate their investments among the
56 active BlackRock closed-end Trusts based on their own investment needs. The
table attached at Appendix E to this Proxy Statement sets forth the dollar
range of equity securities beneficially owned and share equivalents held by
each Director in all of the BlackRock closed-end Trusts represented in this
Proxy Statement as of February 28, 2006.

The
affirmative vote of a plurality of the shares present for each Trust at the
Annual Meeting at which a quorum is present and entitled to vote on a Director
is necessary to approve the respective Director nominated under Proposal 1 for
each respective Trust.

THE
BOARD OF EACH TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO SHAREHOLDERS OF
EACH TRUST. THE BOARD OF EACH TRUST,
INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR
EACH OF THE DIRECTORS NOMINATED UNDER THIS PROPOSAL.

The
Declaration of Trust of each of BHY, BPS and BSD (the Proposal 2 Trusts)
currently permits the following: The
Trustees may designate an executive committee which shall have all the authority
of the entire Board of Trustees except such committee cannot declare dividends
and cannot authorize removal of a trustee or any merger, consolidation or sale
of substantially all of the assets of the Trust.

The
Directors believe that consistency among the Declarations of Trust for the
Trusts organized as Delaware statutory trusts generally enhances efficiency in
administering the various Trusts. To
this end, the Directors believe that creating a uniform provision regarding
delegation and committees for all of the Delaware statutory trusts is in the
best interests of the shareholders of the Trusts, including the Proposal 2
Trusts. In order to achieve uniformity
in the BlackRock closed-end Trusts family, it is necessary for each Proposal 2
Trust to revise the provision to allow as follows: The Trustees may designate one or more committees which shall
have all or such lesser portion of the authority of the entire Board of
Trustees as the Trustees shall determine from time to time, except to the
extent action by the entire Board of Trustees or particular Trustees is
required by the 1940 Act. The
Directors believe that this amendment would increase the efficiency of the
operation of the Proposal 2 Trusts, primarily by permitting the Executive
Committee to declare dividends.

The
affirmative vote of a majority of the outstanding shares of a Proposal 2 Trust
is necessary to approve Proposal 2 for the respective Trust. Holders of common shares and preferred
shares vote together as a single class with respect to this proposal.

THE
BOARD OF EACH PROPOSAL 2 TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO
SHAREHOLDERS OF THE RESPECTIVE PROPOSAL 2 TRUST. THE BOARD OF EACH PROPOSAL 2 TRUST, INCLUDING THE INDEPENDENT
DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THIS PROPOSAL.

* * * * *

* THIRD
PROPOSAL: FOR EACH OF THE PROPOSAL
3 TRUSTS, TO AMEND ITS RESPECTIVE CERTIFICATE OF DESIGNATION OR STATEMENT OF
PREFERENCES, AS APPROPRIATE, TO REVISE THE LANGUAGE REGARDING PREFERRED SHARES
TO ALLOW THE TRUSTS TO FOLLOW THE MOST RECENT GUIDELINES OF S&P, MOODYS
AND/OR FITCH, AS APPROPRIATE, FOR CREDIT RATING CRITERIA IN EFFECT FROM TIME TO
TIME TO MAINTAIN A AAA RATING ON PREFERRED SHARES

The
Certificate of Designation or Statement of Preferences, as appropriate, of each
of RAA, RFA, RNJ, RNY, BKN, BFC, BRM, BLN, BSD, BRF and BMT (the Proposal 3
Trusts) currently imposes credit rating standards that were in effect for
S&P, Moodys and/or Fitch, as appropriate, at the time the preferred shares
were initially offered. In order to
keep current the credit rating standards applicable to Proposal 3 Trusts, it is
necessary to allow the Proposal 3 Trusts to follow the most recent credit
rating criteria of S&P, Moodys and/or Fitch required to maintain a AAA
rating on preferred shares. Revising
such language will allow the Proposal 3 Trusts to follow the preferred share
testing standards as the standards change over time. If the Third Proposal is approved by the shareholders of a
Proposal 3 Trust, the Certificate of Designation or Statement of Preferences,
as appropriate, of such Trust will be amended, accordingly.

12

The
affirmative vote of the holders of a majority of the outstanding preferred
shares of a Proposal 3 Trust is necessary to approve Proposal 3 for the
respective Trust.

THE
BOARD OF EACH PROPOSAL 3 TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO
SHAREHOLDERS OF THE RESPECTIVE PROPOSAL 3 TRUST. THE BOARD OF EACH PROPOSAL 3 TRUST, INCLUDING THE INDEPENDENT
DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THIS PROPOSAL.

The
cost of soliciting proxies will be borne by each Trust in proportion to the
amount of proxies solicited on behalf of a Trust bears to the total proxies
solicited on behalf of all of the Trusts.
In addition, certain officers, directors and employees of each of the
Trusts and the Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware
19809 (none of whom will receive additional compensation therefor) may solicit
proxies by telephone or mail. Also,
certain of the Trusts may employ The Altman Group, Inc. pursuant to its
standard contract as proxy solicitor, the cost of which will be borne
proportionately by each of the Trusts and is estimated to be approximately
$2,500 per Trust.

Abstentions
will be counted as shares present at the Annual Meeting and will not affect the
result of the vote on Proposal 1.
Abstentions on Proposals 2 and 3 will have the same effect as a negative
vote.

All
properly executed proxies received prior to the Annual Meeting will be voted at
the Annual Meeting in accordance with the instructions marked thereon or
otherwise as provided therein.
Shareholders may revoke their proxies at any time prior to the time they
are voted by giving written notice to the Secretary of the Trust by delivering
a subsequently dated proxy or by attending and voting at the Annual Meeting.

The
Board of each Trust has fixed the close of business on February 28, 2006 as the
record date for the determination of shareholders of each Trust entitled to
notice of, and to vote at, the Annual Meeting.
Shareholders of each Trust on that date will be entitled to one vote on
each matter to be voted on by that Trust for each share held and a fractional
vote with respect to each fractional share held with no cumulative voting
rights.

In
addition to Messrs. Schlosstein and Kapito, the following executive officers
hold the same position with each of the Trusts.

NAME AND AGE

TITLE

OTHER PRINCIPAL OCCUPATIONS IN
PAST 5 YEARS

Anne Ackerley
Age: 44

Vice President

Managing Director of
BlackRock since 2000. Formerly First
Vice President and Chief Operating Officer, Mergers and Acquisitions Group at
Merrill Lynch & Co. from 1997 to 2000; First Vice President and Chief
Operating Officer, Public Finance Group at Merrill Lynch & Co. from 1995
to 1997; First Vice President, Emerging Markets Fixed Income Research at
Merrill Lynch & Co. prior thereto.

The
Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a
wholly owned subsidiary of BlackRock, which is one of the largest publicly
traded investment management firms in the United States, with approximately
$452.7 billion of assets under management as of December 31, 2005. BlackRock manages assets on behalf of
institutions and individual investors worldwide, through a variety of equity,
fixed income, liquidity and alternative investment separate accounts and mutual
funds, including the BlackRock Funds and BlackRock Liquidity Funds. In addition, BlackRock provides risk
management and investment system services to a growing number of institutional
investors under the BlackRock Solutions(R) name. Clients are served from BlackRocks
headquarters in New York City, as well as offices in Boston, Edinburgh, Hong
Kong, Morristown, San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC), one of the largest diversified financial
services organizations in the United States, and is majority owned by PNC and
by BlackRock employees. The Advisor
also acts as the administrator of the Trusts.

BlackRock,
Inc. and Merrill Lynch & Co., Inc. (Merrill Lynch) announced on February
15, 2006 that they had reached an agreement to merge Merrill Lynchs investment
management business, Merrill Lynch Investment Managers, with BlackRock to
create a new independent company. Merrill Lynch will have a 49.8% economic
interest and a 45% voting interest in the combined company and PNC, which
currently holds a majority interest in BlackRock, will have approximately a 34%
economic and voting interest. The new company will operate under the BlackRock
name and be governed by a board of directors with a

14

majority of
independent members. Each of Merrill Lynch and PNC has agreed that it will vote
all of its shares on all matters in accordance with the recommendation of
BlackRocks board in order to assure its independence. Completion of the
transaction is subject to various regulatory approvals, client consents,
approval by BlackRock shareholders and customary conditions.

Deloitte
& Touche LLP (D&T) has been selected as the independent registered
public accounting firm by the Audit Committee of each Trust and ratified by a
majority of each Trusts Board, including a majority of the Independent
Directors, by vote cast in person, to audit the accounts of each Trust for and
during each Trusts fiscal year ending in 2006. None of the Trusts knows of any direct or indirect financial
interest of D&T in the Trusts.

Representatives
of D&T will attend the Annual Meeting, will have the opportunity to make a
statement if they desire to do so and will be available to answer questions.

AUDIT FEES

The
aggregate fees billed to each Trust by D&T for professional services
rendered for the audit of each Trusts annual financial statements for the most
recent fiscal year (or period) were in the following amounts:

BKN

$

29,500

BLJ

$

25,300

BFC

$

22,000

BHY

$

27,500

BCT

$

30,900

BKT

$

69,900

BLE

$

32,700

BHV

$

10,600

BQH

$

25,500

RAA

$

10,100

RFA

$

10,200

BMN

$

40,100

RNJ

$

10,100

BCL

$

27,300

BSD

$

23,400

BMT

$

31,300

BFY

$

26,200

RNY

$

10,200

BCK

$

26,800

BYM

$

34,400

BPS

$

15,800

BBF

$

26,000

BFK

$

31,100

BNA

$

88,300

BFZ

$

27,100

BAF

$

28,100

BPK

$

27,500

BNY

$

26,800

BSE

$

27,300

BNJ

$

26,100

BLW

$

39,100

BPP

$

34,200

BJZ

$

26,200

BHK

$

43,500

BHD

$

34,700

BLH

$

25,700

BBK

$

28,300

BKK

$

27,700

BIE

$

25,700

BZA

$

25,700

BFO

$

25,000

BRF

$

21,600

BGT

$

40,500

BDV

$

30,400

BDT

$

39,100

BQY

$

39,400

BRM

$

32,300

BGR(1)

$

29,100

BLN

$

22,200

BZM

$

25,200

HIS

$

28,700

BME(1)

$

28,900

BOE(1)

$

42,200

BDJ(1)

$

33,300

BWC(1)

$

47,800

BTA(1,2)

$

5,000

(1)

BGR, BME, BOE, BDJ, BWC
and BTA have not completed a full fiscal year. However BGR, BME, BOE, BDJ and BWC have nonetheless paid to
D&T fees for professional services rendered for the audit of their annual
financial statements.

(2)

Initial seed audit fee.

15

The
aggregate fees billed to each Trust(1)
by D&T for professional services rendered for the audit of
each Trusts annual financial statements for the fiscal year preceding the most
recent one were in the following amounts:

BKN

$

29,100

BLJ

$

25,100

BFC

$

22,100

BHY

$

28,600

BCT

$

34,300

BKT

$

60,800

BLE

$

30,400

BHV

$

10,400

BQH

$

25,200

RAA

$

7,500

RFA

$

7,500

BMN

$

39,700

RNJ

$

7,500

BCL

$

26,500

BSD

$

23,400

BMT

$

31,400

BFY

$

25,800

RNY

$

7,600

BCK

$

26,300

BYM

$

31,900

BPS

$

11,400

BBF

$

25,800

BFK

$

29,900

BNA

$

74,100

BFZ

$

26,800

BAF

$

27,200

BPK

$

27,500

BNY

$

26,500

BSE

$

26,600

BNJ

$

25,900

BLW

$

38,100

BPP

$

29,700

BJZ

$

26,200

BHK

$

41,000

BHD

$

34,100

BLH

$

25,700

BBK

$

27,200

BKK

$

27,600

BIE

$

25,400

BZA

$

25,400

BFO

$

25,000

BRF

$

21,700

BGT (1)

$

41,600

BDV(1)

$

35,600

BDT(1)

$

32,400

BQY(1)

$

28,800

BRM

$

32,500

BLN

$

22,200

BZM

$

25,100

HIS(2)

$

42,600

(1)

BDV, BDT,
BQY and BGT had not completed a full fiscal year. However BDV, BDT, BQY and BGT had nonetheless paid to D&T
fees for professional services rendered for the audit of their annual
financial statements. BGR, BME, BOE,
BDJ, BWC and BTA are not included in the above chart because such Trusts had
either not completed their initial fiscal year (or period) or had not yet
been formed in the fiscal year preceding the most recent one.

(2)

HIS joined the BlackRock
Closed-End Fund complex on March 1, 2005.
Prior to this date the annual audit of the financial statements was performed by
PricewaterhouseCoopers, LLP.

AUDIT-RELATED
FEES

The aggregate
fees billed in the most recent fiscal year (or period) to each Trust(1)
by D&T for assurance and related services reasonably related to the performance
of the audit of each Trusts annual financial statements are as listed
below. The nature of these services was
attest services not required by statute or regulation and out-of-pocket
expenses. The fees for each Trust were
in the following amounts:

BKN

$

2,400

BLJ

$

1,900

BFC

$

2,100

BHY

$

0

BCT

$

0

BKT

$

0

BLE

$

2,500

BHV

$

1,900

BQH

$

2,000

RAA

$

1,900

RFA

$

1,900

BMN

$

2,400

RNJ

$

1,900

BCL

$

2,100

BSD

$

2,000

BMT

$

2,200

BFY

$

2,000

RNY

$

1,900

BCK

$

2,000

BYM

$

2,600

BPS

$

1,900

BBF

$

2,100

BFK

$

2,400

BNA

$

0

BFZ

$

2,400

BAF

$

2,100

BPK

$

2,200

BNY

$

2,300

BSE

$

2,100

BNJ

$

2,100

BLW

$

0

BPP

$

2,400

BJZ

$

2,000

BHK

$

0

BHD

$

0

BLH

$

1,900

BBK

$

2,200

BKK

$

2,300

BIE

$

2,000

BZA

$

2,000

BFO

$

2,000

BRF

$

2,000

BGT

$

600

BDV

$

0

BDT

$

0

BQY

$

0

BRM

$

2,400

BGR(1)

$

0

BLN

$

2,100

BZM

$

1,900

HIS

$

5,200

BME(1)

$

0

BOE(1)

$

0

BDJ(1)

$

0

BWC(1)

$

0

BTA(1)

$

0

(1)

BGR, BME, BOE, BDJ, BWC
and BTA have not completed a full fiscal year.

The
aggregate fees billed in the fiscal year preceding the most recent to each
Trust(1) by D&T for assurance and related services reasonably
related to the performance of the audit of each Trusts annual financial
statements were in the amounts listed below.
The nature of these services was attest services not required by statute
or regulation and out-of-pocket expenses.
The fees for each Trust were in the following amounts:

16

BKN

$

5,400

BLJ

$

2,000

BFC

$

4,100

BHY

$

4,900

BCT

$

0

BKT

$

0

BLE

$

3,300

BHV

$

1,900

BQH

$

2,000

RAA

$

1,800

RFA

$

0

BMN

$

4,800

RNJ

$

1,800

BCL

$

2,300

BSD

$

2,100

BMT

$

4,300

BFY

$

2,100

RNY

$

1,800

BCK

$

2,200

BYM

$

3,500

BPS

$

1,900

BBF

$

2,200

BFK

$

4,000

BNA

$

0

BFZ

$

2,600

BAF

$

2,400

BPK

$

2,400

BNY

$

2,500

BSE

$

2,200

BNJ

$

2,200

BLW

$

0

BPP

$

5,300

BJZ

$

2,100

BHK

$

0

BHD

$

0

BLH

$

2,000

BBK

$

2,500

BKK

$

2,600

BIE

$

2,100

BZA

$

2,000

BFO

$

2,000

BRF

$

2,100

BGT(1)

$

0

BDV(1)

$

0

BDT(1)

$

0

BQY(1)

$

0

BRM

$

4,800

BLN

$

4,100

BZM

$

2,000

HIS(2)

$

12,300

(1)

BDV, BDT,
BQY and BGT had not completed a full fiscal year. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above
chart because such Trusts had either not completed their initial fiscal year
(or period) or had not yet been formed in the fiscal year preceding the most
recent one.

(2)

HIS joined
the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the Trust paid
PricewaterhouseCoopers, LLP for assurance and related services reasonably
related to the performance of the audit of the Trusts annual financial
statements.

TAX FEES

The
aggregate fees billed in the most recent fiscal year (or period) to each Trust(1)
by D&T for professional services rendered for tax compliance, tax advice
and tax planning are as listed below.
The nature of these services was federal, state and local income and
excise tax return preparation and related advice and planning, determination of
taxable income for CMOs, and miscellaneous tax advice. The fees for each Trust are in the following
amounts:

BKN

$

7,700

BLJ

$

7,700

BFC

$

7,700

BHY

$

7,500

BCT

$

15,000

BKT

$

7,500

BLE

$

7,700

BHV

$

7,700

BQH

$

7,700

RAA

$

7,700

RFA

$

7,700

BMN

$

7,700

RNJ

$

7,700

BCL

$

7,700

BSD

$

7,700

BMT

$

7,700

BFY

$

7,700

RNY

$

7,700

BCK

$

7,700

BYM

$

7,700

BPS

$

7,700

BBF

$

7,700

BFK

$

7,700

BNA

$

7,500

BFZ

$

7,700

BAF

$

7,700

BPK

$

7,700

BNY

$

7,700

BSE

$

7,700

BNJ

$

7,700

BLW

$

7,500

BPP

$

7,500

BJZ

$

7,700

BHK

$

7,500

BHD

$

7,500

BLH

$

7,700

BBK

$

7,700

BKK

$

7,700

BIE

$

7,700

BZA

$

7,700

BFO

$

7,700

BRF

$

7,700

BGT

$

7,500

BDV

$

7,500

BDT

$

7,500

BQY

$

7,500

BRM

$

7,700

BGR(1)

$

4,500

BLN

$

7,700

BZM

$

7,700

HIS

$

4,500

BME(1)

$

3,000

BOE(1)

$

3,000

BDJ(1)

$

3,000

BWC(1)

$

0

BTA(1)

$

0

(1)

BGR, BME,
BOE, BDJ, BWC and BTA have not completed a full fiscal year. However BGR, BME, BOE and BDJ have
nonetheless paid to D&T fees for professional services rendered for tax
compliance, tax advice and tax planning.

The
aggregate fees billed in the fiscal year preceding the most recent one to each
Trust(1) by D&T for tax compliance, tax advice and
tax planning were as listed below. The
nature of these services was federal, state and local income and excise tax
return preparation and related advice and planning, determination of taxable
income for CMOs, and miscellaneous tax advice. The fees for each Trust were in the following amounts:

BKN

$

11,800

BLJ

$

8,000

BFC

$

7,000

BHY

$

10,500

BCT

$

21,000

BKT

$

10,500

BLE

$

12,000

BHV

$

8,000

BQH

$

8,100

RAA

$

11,000

RFA

$

11,000

BMN

$

8,100

RNJ

$

11,000

BCL

$

11,300

BSD

$

3,800

BMT

$

7,400

17

BFY

$

11,200

RNY

$

11,000

BCK

$

8,200

BYM

$

9,200

BPS

$

3,500

BBF

$

11,300

BFK

$

13,000

BNA

$

10,500

BFZ

$

11,700

BAF

$

8,300

BPK

$

7,300

BNY

$

8,600

BSE

$

8,200

BNJ

$

11,300

BLW

$

10,500

BPP

$

6,200

BJZ

$

6,700

BHK

$

7,500

BHD

$

10,500

BLH

$

6,600

BBK

$

8,400

BKK

$

4,400

BIE

$

8,100

BZA

$

8,100

BFO

$

3,700

BRF

$

6,900

BGT(1)

$

0

BDV(1)

$

6,000

BDT(1)

$

6,000

BQY(1)

$

0

BRM

$

8,000

BLN

$

7,100

BZM

$

8,000

HIS(2)

$

6,200

(1)

BDV, BDT,
BQY and BGT had not completed a full fiscal year. However BDV and BDT had nonetheless paid to D&T fees for
professional services rendered for tax compliance, tax advice and tax
planning. BGR, BME, BOE, BDJ, BWC and
BTA are not included in the above chart because such Trusts had either not
completed their initial fiscal year (or period) or had not yet been formed in
the fiscal year preceding the most recent one.

(2)

HIS joined
the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the Trust paid
PricewaterhouseCoopers, LLP for professional services rendered for tax
compliance, tax advice and tax planning.

The
Trusts hired D&T to conduct a complete review of their compliance
procedures and provide an attestation regarding such review.

The
aggregate amount billed in the most recent fiscal year (or period) by D&T
for services rendered to the Trusts for this compliance procedures review and
attestation were in the following amounts:

BKN

$

1,800

BLJ

$

200

BFC

$

1,300

BHY

$

300

BCT

$

300

BKT

$

2,900

BLE

$

2,300

BHV

$

200

BQH

$

300

RAA

$

100

RFA

$

100

BMN

$

3,500

RNJ

$

100

BCL

$

800

BSD

$

900

BMT

$

2,100

BFY

$

500

RNY

$

100

BCK

$

500

BYM

$

2,700

BPS

$

200

BBF

$

700

BFK

$

4,300

BNA

$

2,700

BFZ

$

1,500

BAF

$

900

BPK

$

1,900

BNY

$

1,300

BSE

$

600

BNJ

$

800

BLW

$

4,700

BPP

$

3,500

BJZ

$

700

BHK

$

2,600

BHD

$

700

BLH

$

400

BBK

$

1,100

BKK

$

2,300

BIE

$

400

BZA

$

400

BFO

$

600

BRF

$

1,000

BGT

$

3,400

BDV

$

5,300

BDT

$

2,600

BQY

$

600

BRM

$

3,300

BGR

$

5,000

BLN

$

1,400

BZM

$

200

HIS

$

1,100

BME

$

1,200

BOE

$

400

BDJ

$

1,400

BWC

$

1,000

No
Trust paid D&T fees for other services other than those described above
during the fiscal year (or period) preceding the most recent one.

AGGREGATE
NON-AUDIT FEES

The
aggregate non-audit fees billed in the most recent fiscal year (or period) by
D&T for services rendered to the Trusts are in the following amounts:

BKN

$

11,900

BLJ

$

9,800

BFC

$

11,100

BHY

$

7,800

BCT

$

15,300

BKT

$

10,400

BLE

$

12,500

BHV

$

9,800

BQH

$

10,000

RAA

$

9,700

RFA

$

9,700

BMN

$

13,600

RNJ

$

9,700

BCL

$

10,600

BSD

$

10,600

BMT

$

12,000

BFY

$

10,200

RNY

$

9,700

BCK

$

10,200

BYM

$

13,000

BPS

$

9,800

BBF

$

10,500

BFK

$

14,400

BNA

$

10,200

BFZ

$

11,600

BAF

$

10,700

BPK

$

11,800

BNY

$

11,300

18

BSE

$

10,400

BNJ

$

10,600

BLW

$

12,200

BPP

$

13,400

BJZ

$

10,400

BHK

$

10,100

BHD

$

8,200

BLH

$

10,000

BBK

$

11,000

BKK

$

12,300

BIE

$

10,100

BZA

$

10,100

BFO

$

10,300

BRF

$

10,700

BGT

$

11,500

BDV

$

12,800

BDT

$

10,100

BQY

$

8,100

BRM

$

13,400

BGR

$

9,500

BLN

$

11,200

BZM

$

9,800

HIS

$

10,800

BME

$

4,200

BOE

$

3,400

BDJ

$

4,400

BWC

$

1,000

BTA

$

0

The aggregate
non-audit fees billed in the fiscal year preceding the most recent one by
D&T for services rendered to the Trusts(1)were in
the following amounts:

BKN

$

17,200

BLJ

$

10,000

BFC

$

11,100

BHY

$

15,400

BCT

$

21,000

BKT

$

10,500

BLE

$

15,300

BHV

$

9,900

BQH

$

10,100

RAA

$

12,800

RFA

$

11,000

BMN

$

12,900

RNJ

$

12,800

BCL

$

13,600

BSD

$

5,900

BMT

$

11,700

BFY

$

13,300

RNY

$

12,800

BCK

$

10,400

BYM

$

12,700

BPS

$

5,400

BBF

$

13,500

BFK

$

17,000

BNA

$

10,500

BFZ

$

14,300

BAF

$

10,700

BPK

$

9,700

BNY

$

11,100

BSE

$

10,400

BNJ

$

13,500

BLW

$

10,500

BPP

$

11,500

BJZ

$

8,800

BHK

$

7,500

BHD

$

10,500

BLH

$

8,600

BBK

$

10,900

BKK

$

7,000

BIE

$

10,200

BZA

$

10,100

BFO

$

5,700

BRF

$

9,000

BGT(1)

$

0

BDV(1)

$

6,000

BDT(1)

$

6,000

BQY(1)

$

0

BRM

$

12,800

BLN

$

11,200

BZM

$

10,000

HIS(2)

$

18,500

(1)

BDV, BDT,
BQY and BGT had not completed a full fiscal year. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above
chart because such Trusts had either not completed their initial fiscal year
(or period) or had not yet been formed in the fiscal year preceding the most
recent one.

(2)

HIS joined the BlackRock
Closed-End Fund complex on March 1, 2005.
Prior to this date the aggregate non-audit fees billed in the fiscal
year preceding the most recent one for services rendered were paid by the
Trust to PricewaterhouseCoopers, LLP.

In
addition, the aggregate non-audit fees billed by D&T for services rendered
to the Advisor, or any entity controlling, controlled by, or under common
control with the Advisor that provides ongoing services to the Trusts were
$286,150 for the most recent fiscal year of the Trusts and $0 for the fiscal year
preceding the most recent one of the Trusts.

On
May 22, 2003, the Audit Committee of each Trust adopted Pre-Approval Policies
and Procedures. Since the adoption of
such policies and procedures, the Audit Committee of each Trust has
pre-approved all audit and non-audit services provided by D&T for the
Trusts, and all non-audit services provided by D&T for the Advisor, or any
entity controlling, controlled by, or under common control with the Advisor,
that provides ongoing services to the Trusts, which are related to the
operations of the Trusts.

The
Advisor and affiliates of the Advisor performing services for one or more
Trusts paid no fees to D&T in any Trusts most recent fiscal year for
services other than those described above or for any other services, including
for information systems design and implementation.

EACH
TRUST WILL FURNISH, WITHOUT CHARGE, A COPY OF SUCH TRUSTS MOST RECENT ANNUAL
REPORT AND THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF
ANY, TO ANY SHAREHOLDER UPON REQUEST.
REQUESTS SHOULD BE DIRECTED TO BLACKROCK ADVISORS, INC., 100 BELLEVUE
PARKWAY, WILMINGTON, DELAWARE 19809 (TELEPHONE NUMBER (800) 882-0052).

Performance and other information regarding the Trusts may be found on
BlackRocks website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference
to BlackRocks website is
intended to allow investors to access information regarding the Trusts and does
not, and is not intended to, incorporate BlackRocks website into this Proxy
Statement.

Section
16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the 1940 Act
require each Trusts officers and Directors, officers and directors of the
Trusts investment advisor, affiliated persons of the investment advisor, and
persons who beneficially own more than 10% of the Trusts shares to file
certain reports of ownership (Section 16 filings) with the SEC and the New
York Stock Exchange or the American Stock Exchange (as applicable) and each of
the Trusts. Due to administrative
oversight Form 4 reports were filed late on behalf of Messrs. Hubbard (BWC) and
Dixon (BWC, BDJ).

The
Trusts are committed to maintaining the privacy of shareholders and to
safeguarding their non-public personal information. The following information is provided to help you understand what
personal information the Trusts collect, how the Trusts protect that information
and why, in certain cases, the Trusts may share information with select other
parties.

Generally,
the Trusts do not receive any non-public personal information relating to their
shareholders, although certain non-public personal information of their
shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information
about their shareholders or former shareholders to anyone, except as permitted
by law or as is necessary in order to service shareholder accounts (for
example, to a transfer agent or third party administrator).

The
Trusts restrict access to non-public personal information about the
shareholders to employees of the Advisor with a legitimate business need for
the information. The Trusts maintain
physical, electronic and procedural safeguards designed to protect the
non-public personal information of their shareholders.

Shareholder
proposals intended for inclusion in the Trusts proxy statement in connection
with the Trusts 2007 annual meeting of shareholders pursuant to Rule 14a-8
under the Securities Exchange Act of 1934 must be received by a Trust at such
Trusts principal executive offices by December 20, 2006. In order for proposals made outside of Rule
14a-8 under the

21

Exchange Act
to be considered timely within the meaning of Rule 14a-4(c) under the
Exchange Act, such proposals must be received by a Trust at the Trusts
principal executive offices not later than March 5, 2007.

The
management of the Trusts knows of no other matters which are to be brought
before the Annual Meeting. However, if
any other matters not now known properly come before the Annual Meeting, it is
the intention of the persons named in the enclosed form of proxy to vote such
proxy in accordance with their judgment on such matters.

Each
Trust shall have an audit committee (the Committee) of its Board of
Directors/Trustees (the Board). The Committee will be composed of at
least three members of the Board, each of whom is independent (i.e. not an interested person of the
Fund, as that term is defined in Section 2(a)(19) of the Investment Company Act
of 1940). No member of the Committee shall directly or indirectly receive any
compensation from the Fund, or any subsidiary thereof, if applicable, except
compensation for services as a member of the Funds Board or a committee of the
Board.2 Members shall have no relationships with the Fund or its investment adviser,
administrator or custodian that may interfere with the exercise of their
independence from management of the Fund. The members and the Committee chair
shall be elected by the full Board.

Each
member shall be financially literate as the Board interprets such
qualification in its business judgment. At least one member shall have
accounting or related financial management expertise, as the Board interprets
such qualification in its business judgment. The Board shall determine annually
whether any member of the Committee is an audit committee financial expert
(ACFE) as defined in Item 3 of Form N-CSR. The Board may presume that an ACFE
has the requisite accounting or related financial management expertise. The designation
of a person as an ACFE shall not impose any greater responsibility or liability
on that person than the responsibility or liability imposed on such person as a
member of the Committee.

In
the event a member simultaneously serves on the audit committees of more than
three public companies, the Board shall determine whether such simultaneous
service would impair the ability of such member to effectively serve on the
Funds audit committee. The Board has determined that simultaneous service on
the Committee of each Fund shall be deemed to be equivalent to service on the
audit committee of a single public company for purposes of this requirement and
that such service does not impair the ability of a member to effectively serve
on the Committee of any single Fund.

The
purpose of the Committee is to assist the Board in fulfilling its oversight
responsibilities relating to the accounting and financial reporting policies
and practices of the Fund, including:



the integrity of the
Funds financial statements;



the Funds compliance with
legal and regulatory requirements;



the qualifications and
independence of the Funds independent auditors;



the performance of the
Funds internal audit function provided by its investment advisor,
administrator, pricing agent and other service providers; and



preparing for each Fund
the report required to be included in its annual proxy statement, if any, by
the rules of the Securities and Exchange Commission.

1

This Joint
Audit Committee Charter, if adopted, supercedes and replaces all prior
versions that may have been adopted from time to time.

2

For this
purpose, compensation includes any compensation paid by a Fund or a subsidiary
for services to a law firm, accounting firm, consulting firm, investment bank
or financial advisory firm in which the Committee member is a partner,
member, executive officer or holds a similar position.

approve the
selection, retention, termination and compensation of the independent
registered public accounting firm (the independent accountants) and in
connection therewith;

2.

pre-approve
all audit and permissible non-audit services to be provided by the
independent accountants to the Fund, to its investment adviser and to any
entity controlling, controlled by or under common control with the investment
adviser that provides ongoing services to the Fund (Covered Services
Provider), if the engagement relates directly to the operations and
financial reporting of the Fund; the Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit
services to the chair of the Committee, pursuant to the pre-approval policies
and procedures adopted by the Committee;

evaluate the
independence of the accountants and actively engage in a dialogue with them
regarding matters that might reasonably be expected to affect their
independence; in this connection, the Committee shall ensure receipt from the
independent accountants at least annually of a formal written statement delineating
all the relationships between them and the Fund, consistent with Independence
Standards Board Standard No. 1;

2.

set clear
hiring policies for employees or former employees of the independent
accountants.

meet with
the Funds independent accountants, at least twice a year and more often if
required, to review the conduct and results of each audit and discuss the
Funds audited and unaudited financial statements; and in this connection
discuss the matters stated in SAS 61 Communications with Audit Committees,
as amended, and any other communications required to be discussed with the
Committee pursuant to applicable laws and regulations;

2.

discuss
policies with respect to risk assessment and risk management;

3.

meet
periodically with the Funds independent accountants, the Funds principal
executive officer and the Fund principal financial officer (the person
responsible for the internal audit function) in separate executive sessions
as the Committee deems necessary or advisable;

4.

review and
evaluate any issues raised by the independent accountants or management
regarding the accounting or financial reporting policies and practices of the
Fund, its internal controls, and, as appropriate, the internal controls of
certain service providers and managements response; evaluate the independent
auditors qualifications and performance (including the performance of the
lead partner); resolve disagreements between management and the independent
accountants regarding financial reporting;

5.

establish
procedures for the receipt, retention and treatment of complaints received by
the Fund relating to accounting, internal accounting controls, or auditing
matters, and the confidential, anonymous submission by employees of the Fund
and its affiliates and service providers of concerns about accounting or
auditing matters pertaining to the Fund, and to address reports from
attorneys or auditors of possible violations of federal or state law or
fiduciary duty;

6.

authorize
and oversee investigations into any matters within the Committees scope of
responsibilities or as specifically delegated to the Committee by the Board;

at least
annually, obtain and review a report by the independent accountant
describing:



all critical
accounting policies and practices used;



all
alternative treatments of financial information discussed with management,
the ramifications of the alternatives and the independent accountants
preferred treatment;



material
written communications between the independent accountants and management;



all fees for
audited and non-audit services provided to the Funds investment adviser and
any entity controlling, controlled by or under common control with the Funds
investment advisor;



the firms
internal quality-control procedures;



any material
issues raised by the most recent internal quality-control review, or peer
review, of the firm, or by any inquiry or investigation by governmental or
professional authorities, within the preceding five years, respecting one or
more independent audits carried out by the firm, and any steps taken to deal
with any such issues; and

2.

As noted
above, the Committee shall ensure receipt from the independent accountants at
least annually of a formal written statement delineating all the
relationships between them and the Fund, consistent with Independence
Standards Board Standard No. 1;

3.

As noted
above, the Committee shall ensure receipt of the communications required by
SAS 61, as amended;

4.

prepare and
approve the audit committee report required by Item 306 of Regulation S-K for
proxy statements relating to the election of directors/trustees; and

The
Committee may retain independent legal counsel or other advisers as it
determines to be necessary or advisable to perform its duties. The Fund shall
provide appropriate funding (as determined by the Committee) for the Committee
to carry out its duties and its responsibilities, including:



for payment
of compensation to the Funds independent accountants or any other public
accounting firm providing audit, review or attest services for the Fund;



for payment
of compensation to any special counsel and other advisors employed by the
Committee;



for the
ordinary administrative expenses of the Committee; and



for
continuing education programs to enable Committee members to keep abreast of
industry and regulatory development and to gain continuing insights to best
practices of audit committees.

In performing
its duties the Committee shall consult, as it deems appropriate, with the
members of the Board, officers and employees of the Fund, the investment
adviser, the Funds counsel and the Funds other service providers.

On
an annual basis, the Committee shall review and reassess the adequacy of this
charter and recommend to the full Board any changes the Committee deems
appropriate. In addition, on an annual basis, the Committee shall evaluate its
performance as a whole and that of its individual members to assess whether it
is functioning effectively. The independence of Committee members and
satisfaction of the requirements to serve on the Committee shall be affirmed
annually.

C-4

APPENDIX D

DIRECTORS SHARE HOLDINGS

The
following chart lists the number of shares beneficially owned and the number of
share equivalents owned by the Directors pursuant to the Directors deferred
compensation plan as of February 28, 2006.
If a Trust is not listed, the Director does not own any shares or share
equivalents of the Trust.

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

INTERESTED
DIRECTORS:

Ralph L.
Schlosstein

BKT

1,000



(2)

BMN

100



BMT

100



BRM

100



BKN

100



BCT

100



BSD

100



BHY

1,000



BNA

1,500



BFK

100



BPK

100



BHK

100



RNJ

100



BLN

100



BNY

100



BLH

100



BHD

100



BBK

100



BLE

100



BYM

100



BQH

100



BFY

100



BSE

100



BPP

121



BLW

119



BKK

114



BDV

113



BDT

110



BQY

109



BGT

100



D-1

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BGR

108



BME

105



HIS

100



BOE

105



BDJ

100



BWC

100



Robert S.
Kapito

BKT

1,880



(2)

BMN

10



BMT

10



BRM

10



BKN

20,610



BCT

10



BSD

10,010



BHY

10



BNA

10



BFK

10,010



BPK

25,010



BHK

10



RNJ

1,000



BNJ

45,000



BHD

1,000



BBK

6,000



BLE

36,000



BYM

100



BLJ

1,000



BPP

1,000



BLW

1,000



BKK

1,000



BDV

1,000



BDT

500



BQY

500



BGT

1,000



BGR

1,000



BME

100



HIS

1,000



BOE

1,000



D-2

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BDJ

1,000



BWC

1,000



INDEPENDENT
DIRECTORS:

Andrew F.
Brimmer

BKT

150

6,379

(2)

BMN

10



BMT

10



BRM

10



BKN

10



BCT

20

2,923

BSD

25



BHY

200

4,504

BNA

10

4,203

BFK

100



BPK

25



BHK

25

2,204

BHD

25

2,104

BBK

25



BLE

50



BYM

50



BPP

10



BLW

10



BKK

10



BDV

30



BDT

25



BQY

25



BGT

25



BGR

10



BME

10



HIS

10



BOE

10



BDJ

25



BWC

25



Richard E.
Cavanagh

BKT

500

10,094

(2)

BMN

100



BMT

100



BRM

100



D-3

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BKN

500



BCT

100

1,635

BSD

500



BHY

200

7,211

BNA

100

2,550

BFK

300



BPK

300



BHK

500

1,914

BLN

100



RNY

100



BNY

300



BLH

100



BHD

300

1,820

BBK

100



BLE

100



BYM

200



BQH

100



BFY

100



BSE

200



BPP

100



BLW

100



BKK

100



BDV

100



BDT

100



BQY

100



BGT

200



BGR

100



BME

100



HIS

100



BOE

100



BDJ

100



BWC

100



Kent Dixon

BKT

100

3,810

(2)

BMN

100



BMT

100



BRM

100



D-4

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BKN

100



BCT

100

1,653

BSD

100



BHY

5,000

2,900

BNA

100

2,422

BFK

5,100



BPK

100



BHK

100

1,919

BRF

100



RFA

100



BBF

2,100



BHD

100

1,808

BBK

5,000



BLE

100



BYM

5,100



BIE

100



BAF

100



BPP

100



BLW

1,000



BKK

100



BFO

100



BDV

2,000



BDT

100



BQY

100



BGT

500



BGR

500



BME

100



HIS

500



BOE

500



BDJ

1,000



BWC

1,000



Frank J.
Fabozzi

BKT

2,010

3,132

(2)

BMN

10



BMT

10



BRM

10



BKN

10



D-5

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BCT

10

1,345

BSD

100



BHY

10

2,326

BNA

10

2,009

BFK

20



BPK

20



BHK

20

1,563

BPS

100



BHD

100

1,475

BBK

20



BLE

10



BYM

10



BPP

100



BLW

100



BKK

100



BDV

300



BDT

100



BQY

100



BGT

100



BGR

100



BME

100



HIS

100



BOE

100



BDJ

100



BWC

100



Kathleen F.
Feldstein

BKT

54

768

(2)

BMN

52



BMT

53



BRM

53



BKN

53



BCT

54

323

BSD

54



BHY

55

574

BNA

55

454

BFK

54



BPK

53



D-6

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BHK

56

358

BHD

55

369

BBK

54



BLE

54



BYM

53



BPP

55



BLW

55



BKK

53



BDV

53



BDT

53



BQY

53



BGT

54



BGR

50



BME

105



HIS

106



BOE

100



BDJ

101



BWC

101



R. Glenn
Hubbard

BKT

108

5,227

(2)

BMN

105



BMT

106



BRM

106



BKN

107



BCT

109

2,203

BSD

107



BHY

110

3,782

BNA

110

3,153

BFK

107



BPK

106



BHK

112

2,525

BLN

105



RNY

107



BNY

107



BLH

105



BHD

110

2,372

BBK

107



D-7

DIRECTOR

TRUST

TRUST
SHARES
OWNED

SHARE
EQUIVALENTS(1)

% OF SHARES
OUTSTANDING

BLE

107



BYM

106



BQH

107



BFY

106



BSE

106



BPP

111



BLW

109



BKK

106



BDV

107



BDT

106



BQY

107



BGT

108



BGR

108



BME

105



HIS

107



BOE

104



BDJ

101



BWC

101



(1)

Represents,
as of February 28, 2006, the approximate number of share equivalents owned
under the deferred compensation plan in each Trust by the Independent
Directors of the Trusts who have participated in the deferred compensation
plan. Share equivalents are held in
cash accounts by each Trust on behalf of the Independent Directors in
connection with the deferred compensation plan. Under the deferred compensation plan, BCT, BHY, BKT, BNA, BHD
and BHK are eligible investments. Messrs.
Schlosstein and Kapito are not eligible to participate in the deferred compensation
plan.

The
following table sets forth the dollar range of equity securities beneficially
owned and share equivalents held by each Director as of February 28, 2006. If a Trust is not listed, the Director does
not own any shares of the Trust.

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

INTERESTED DIRECTORS:

Ralph L. Schlosstein

BKT

$1-$10,000

$50,001-$100,000

BKT



$50,001-$100,000
(1)

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



BCT

$1-$10,000

BCT



BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY



BNA

$10,001-$50,000

BNA



BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK



RNJ

$1-$10,000

RNJ



BLN

$1-$10,000

BLN



BNY

$1-$10,000

BNY



BLH

$1-$10,000

BLH



BHD

$1-$10,000

BHD



BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BQH

$1-$10,000

BQH



BFY

$1-$10,000

BFY



BSE

$1-$10,000

BSE



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



E-1

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



Robert S. Kapito

BKT

$10,001-$50,000

Over
$100,000

BKT



Over
$100,000(1)

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

Over
$100,000

BKN



BCT

$1-$10,000

BCT



BSD

Over
$100,000

BSD



BHY

$1-$10,000

BHY



BNA

$1-$10,000

BNA



BFK

Over
$100,000

BFK



BPK

Over
$100,000

BPK



BHK

$1-$10,000

BHK



RNJ

$10,001-$50,000

RNJ



BNJ

Over
$100,000

BNJ



BHD

$10,001-$50,000

BHD



BBK

Over
$100,000

BBK



BLE

Over
$100,000

BLE



BYM

$1-$10,000

BYM



BLJ

$10,001-$50,000

BLJ



BPP

$10,001-$50,000

BPP



BLW

$10,001-$50,000

BLW



BKK

$10,001-$50,000

BKK



BDV

$10,001-$50,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$10,001-$50,000

BGT



BGR

$10,001-$50,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$10,001-$50,000

BOE



BDJ

$10,001-$50,000

BDJ



BWC

$10,001-$50,000

BWC



INDEPENDENT DIRECTORS:

Andrew F. Brimmer

BKT

$1-$10,000

$10,001-$50,000

BKT

$10,001-$50,000

Over
$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



E-2

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BCT

$1-$10,000

BCT

$10,001-$50,000

BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY

$10,001-$50,000

BNA

$1-$10,000

BNA

$10,001-$50,000

BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$10,001-$50,000

BHD

$1-$10,000

BHD

$10,001-$50,000

BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



Richard E. Cavanagh

BKT

$1-$10,000

$50,001-$100,000

BKT

$50,001-$100,000

Over
$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



BCT

$1-$10,000

BCT

$10,001-$50,000

BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY

$50,001-$100,000

BNA

$1-$10,000

BNA

$10,001-$50,000

BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$10,001-$50,000

BLN

$1-$10,000

BLN



RNY

$1-$10,000

RNY



BNY

$1-$10,000

BNY



BLH

$1-$10,000

BLH



E-3

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BHD

$1-$10,000

BHD

$10,001-$50,000

BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BQH

$1-$10,000

BQH



BFY

$1-$10,000

BFY



BSE

$1-$10,000

BSE



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



Kent Dixon

BKT

$1-
$10,000

Over
$100,000

BKT

$10,001
- $50,000

Over
$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



BCT

$1-$10,000

BCT

$10,001
- $50,000

BSD

$1-$10,000

BSD



BHY

$10,001-$50,000

BHY

$10,001
- $50,000

BNA

$1-$10,000

BNA

$10,001
- $50,000

BFK

$50,001-$100,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$10,001
- $50,000

BRF

$1-$10,000

BRF



RFA

$1-$10,000

RFA



BBF

$10,001-$50,000

BBF



BHD

$1-$10,000

BHD

$10,001
- $50,000

BBK

$50,001-$100,000

BBK



BLE

$1-$10,000

BLE



BYM

$50,001-$100,000

BYM



BIE

$1-$10,000

BIE



E-4

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BAF

$1-$10,000

BAF



BPP

$1-$10,000

BPP



BLW

$10,001-$50,000

BLW



BKK

$1-$10,000

BKK



BFO

$1-$10,000

BFO



BDV

$10,001-$50,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$10,001-$50,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$10,001-$50,000

BOE



BDJ

$10,001-$50,000

BDJ



BWC

$10,001-$50,000

BWC



Frank J. Fabozzi

BKT

$10,001-$50,000

$10,001-$50,000

BKT

$10,001-$50,000

Over
$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



BCT

$1-$10,000

BCT

$10,001-$50,000

BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY

$10,001-$50,000

BNA

$1-$10,000

BNA

$10,001-$50,000

BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$10,001-$50,000

BPS

$1-$10,000

BPS



BHD

$1-$10,000

BHD

$10,001-$50,000

BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



E-5

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



Kathleen F. Feldstein

BKT

$1-$10,000

$10,001-$50,000

BKT

$1-$10,000

$50,001-$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



BCT

$1-$10,000

BCT

$1-$10,000

BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY

$1-$10,000

BNA

$1-$10,000

BNA

$1-$10,000

BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$1-$10,000

BHD

$1-$10,000

BHD

$1-$10,000

BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



R. Glenn Hubbard

BKT

$1-$10,000

$50,001-$100,000

BKT

$10,001-$50,000

Over
$100,000

BMN

$1-$10,000

BMN



BMT

$1-$10,000

BMT



BRM

$1-$10,000

BRM



BKN

$1-$10,000

BKN



E-6

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

NAME

TRUST

DOLLAR RANGE

TRUST

DOLLAR RANGE

BCT

$1-$10,000

BCT

$10,001-$50,000

BSD

$1-$10,000

BSD



BHY

$1-$10,000

BHY

$10,001-$50,000

BNA

$1-$10,000

BNA

$10,001-$50,000

BFK

$1-$10,000

BFK



BPK

$1-$10,000

BPK



BHK

$1-$10,000

BHK

$10,001-$50,000

BLN

$1-$10,000

BLN



RNY

$1-$10,000

RNY



BNY

$1-$10,000

BNY



BLH

$1-$10,000

BLH



BHD

$1-$10,000

BHD

$10,001-$50,000

BBK

$1-$10,000

BBK



BLE

$1-$10,000

BLE



BYM

$1-$10,000

BYM



BQH

$1-$10,000

BQH



BFY

$1-$10,000

BFY



BSE

$1-$10,000

BSE



BPP

$1-$10,000

BPP



BLW

$1-$10,000

BLW



BKK

$1-$10,000

BKK



BDV

$1-$10,000

BDV



BDT

$1-$10,000

BDT



BQY

$1-$10,000

BQY



BGT

$1-$10,000

BGT



BGR

$1-$10,000

BGR



BME

$1-$10,000

BME



HIS

$1-$10,000

HIS



BOE

$1-$10,000

BOE



BDJ

$1-$10,000

BDJ



BWC

$1-$10,000

BWC



(1)

Messrs.
Kapito and Schlosstein and are not eligible to participate in the deferred
compensation plan. Therefore, they
own the same amount of equity securities without share equivalents as equity
securities including share equivalents.

PLEASE REFER TO THE
REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.

1. The Board of Directors recommends a vote FOR the listed nominees.

For

Withhold

01 - Richard E. Cavanagh

[ ]

[ ]

02 - R. Glenn Hubbard

[ ]

[ ]

Mark this box with an X if you have made comments below

[ ]

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the common stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or
at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

If you vote by telephone or the Internet,
please DO NOT mail back this proxy card.Proxies submitted by telephone or the Internet
must be received by 1:00 a.m., Central Time, on May 23, 2006.THANK YOU FOR VOTING

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the preferred stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on
May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE REFER TO THE
REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.

1. The Board of Directors recommends a vote FOR the listed nominees.

For

Withhold

01 - Richard E. Cavanagh

[ ]

[ ]

02 - R. Glenn Hubbard

[ ]

[ ]

Mark this box with an X if you have made comments below

[ ]

BAuthorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the common stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or
at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

If you vote by telephone or the Internet,
please DO NOT mail back this proxy card.Proxies submitted by telephone or the Internet
must be received by 1:00 a.m., Central Time, on May 23, 2006.THANK YOU FOR VOTING

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the preferred stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on
May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE REFER TO THE
REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.

1. The Board of Directors recommends a vote FOR the listed nominees.

For

Withhold

01 - Richard E. Cavanagh

[ ]

[ ]

02 - R. Glenn Hubbard

[ ]

[ ]

Mark this box with an X if you have made comments below

[ ]

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the common stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or
at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

If you vote by telephone or the Internet,
please DO NOT mail back this proxy card.Proxies submitted by telephone or the Internet
must be received by 1:00 a.m., Central Time, on May 23, 2006.THANK YOU FOR VOTING

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the preferred stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on
May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE
VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE
PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED
TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee,
or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.